Forum Discussion

Experienced User

6 months ago

Balance sheet not matching Assets with Total Equity

Hi all,

I have looked through solutions in MYOB community for the error I have and they are not helping so far.

The equity value in balance sheet is not balancing with total assets. I needed to go into opening balances to correct one value for $580 and it through out the entire equity value by $221,397.25. I have since gone in and checked everything, double/triple checked, auditors have also checked everything including historical values, all balances YTD and all appear OK to them, so they are unsure what has happened.

I have seen solutions in the MYOB community advising to go into opening balances and enter $1, then go back in and replace with $0 however this is not working for me.

I am hoping someone can provide other solutions please.

Kind regards,

Peter

gavin12345
Ultimate User
6 months ago
Hi FinanceRYSS

The file needs to be repaired by MYOB or MYOX Services. Nothing a user can do should cause this - most likely caused by a bad FY rollover where MYOB didn't correctly process the EOY transaction.

Regards
Gavin
- FinanceRYSS
  Experienced User
  6 months ago
  Komal_S- Dear Komal_S, are you able to assist with this matter please?
- FinanceRYSS
  Experienced User
  6 months ago
  Thanks Gavin
FinanceRYSS
Experienced User
6 months ago
Komal_S Komal_S- Dear Komal_S, are you able to assist with this matter please?
Isaiah_C
MYOB Moderator
6 months ago
Hi FinanceRYSS,

Thank you for the post. Please try refreshing the opening balances. If it's still occurring, you might need to reach out to our live chat agent through our virtual assistant MOCA or submit a support request via MyAccount for possible file repair.

Regards,

Sai
- FinanceRYSS
  Experienced User
  6 months ago
  Isaiah_CThanks for your message Sai.
  How do I refresh the opening balances? Do you mean re-enter them?
  All balances YTD currently in balance sheet are showing correctly. It is just the retained earnings figure which is out in the equity area, and if I change this value in opening balances, it then shows an unbalanced value.
  - Isaiah_C
    MYOB Moderator
    6 months ago
    Hi FinanceRYSS,
    
    Thank you for your reply. I can see that you've done the work around. To ensure that the issue is fully resolved and to prevent any future problems, the next step is to have your file repaired.
    
    Regards,
    
    Sai